11. The gross estate of a decedent who died in the current year would not include which of the following items? a. A luxury sedan, valued at $60,000, driven every day by the decedent. b. Cash of $1,000,000 given to decedent's daughter two years ago. No gift tax was paid on the transfer. C. A bond given to decedent's cousin last year. Gift tax of $4,000 was paid on the transfer. d. A home which the decedent owned as tenants by the entirety with his wife. 12. In August of the current year, Jim died of lung cancer. Jim's son, Doug, has decided to prepare his father's estate tax return, but has come to you for clarification on whether the following list of items are included in Jim's gross estate. After reviewing the list, which item(s) will you tell Doug to exclude from Jim's gross estate? a. A life insurance policy on the life of Jim's wife owned by Jim. b. A check from Doctor's Hospital for the refund of medical expenses that Jim initially paid, but were subsequently paid for by Jim's health insurance company. The reimbursements were due to Jim before his death. c. A check from ABC Corporation for dividends in the amount of $15,000 declared September 23rd (the month after Jim's death). d. A payment of $500,000 from Mutual Life Insurance of America representing the proceeds of a life insurance policy owned by Jim. 13. Of the following expenditures from an estate, which is not a deduction from the gross estate or adjusted gross estate to arrive at the taxable estate? a. Payment to United Charitable Organization (a charity qualifying under IRC Section 501(c)(3)) to satisfy a specific bequest. b. Distribution of assets to spouse to satisfy specific bequests listed in will. c. Payment to Second USA Bank for a credit card balance. d. A payment to decedent's friend for $10,000 to satisfy a specific bequest